Realty boom continues in Mangalore

Created on 03.07.2014 21:04:45

Though growth is slowing down across sectors around the globe, the real estate scene in Mangalore and surrounding areas presents a study in contrast. The boom continues here with builders announcing more projects, causing a more rapid urbanisation.

Three projects have been launched near Gandhi Park in the past few weeks. Observers attribute the significant growth in the sector here to the entry of reputable real estate developers such as Godrej, Raheja group, and Purvankara group. Many malls have come up and more are under construction.

Observers say that middle and lower-middleclass families have to scout for houses on the outskirts of the city such as Derebail and Shakthinagar. Some affordable apartments are available in areas such as Ashokangar a where typical 2BHK flat costs between Rs. 30 lakh and Rs. 35 lakh. Some 3BHK flats cost Rs. 70 lakh upward.

Gandhinagar is the most sought after locality – it has a park, stadium, and a swimming pool nearby. It is one of the finest localities with 40-50 ft wide roads. Areas such as Bejai, Valencia, Falnir, and Bendorewell are also inviting for investors with prices ranging from Rs. 4,000 to Rs. 5,000 per sq.ft.